GL TRADE partners with the Dubai International Financial Exchange (DIFX) and increases presence in the Middle East.

GL TRADE, global provider of electronic trading, clearing and back office solutions, announces the signature of a distribution agreement with the Dubai International Financial Exchange (DIFX).

The DIFX aims to become the first truly international financial exchange between Western Europe and East Asia. It plans to begin trading on September 26th, 2005. The DIFX is currently applying to the Dubai Financial Services Authority for a licence to operate as an exchange and clearing house.

Under the terms of the agreement, DIFX members will use the GL TRADEâ¢ solution to access the new electronic Exchange. "The DIFX was looking for a cost effective, yet easy to implement solution for its members: GL TRADE and its ASP offering was the obvious answer, with a proven track record and existing connectivity to the international financial community" said Steffen Schubert, chief executive of the DIFX.

Both the DIFX and GL TRADE have been working closely together to make this contract a success. "GL TRADE is a forerunner when it comes to support new electronic markets" comments Ina Hanisch, Vice President of International Sales and Marketing, GL TRADE. "We are pleased to see that the DIFX relies on our proven technology and know how to implement this new exchange."

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